Dean Investment Associates LLC Sells 1,293 Shares of Public Storage (NYSE:PSA)

Dean Investment Associates LLC reduced its stake in Public Storage (NYSE:PSA - Free Report) by 7.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,521 shares of the real estate investment trust's stock after selling 1,293 shares during the period. Dean Investment Associates LLC's holdings in Public Storage were worth $4,648,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Public Storage in the fourth quarter valued at approximately $931,286,000. Cohen & Steers Inc. increased its stake in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the last quarter. Amundi raised its holdings in shares of Public Storage by 54.0% during the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock worth $230,426,000 after buying an additional 273,486 shares in the last quarter. Aew Capital Management L P raised its holdings in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after buying an additional 228,740 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Public Storage during the 4th quarter worth $66,253,000. Institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 3.1 %

Public Storage stock traded up $9.02 during mid-day trading on Tuesday, hitting $296.58. 244,273 shares of the stock were exchanged, compared to its average volume of 733,739. The firm's fifty day simple moving average is $295.68 and its two-hundred day simple moving average is $310.89. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a market capitalization of $52.02 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.05%. Public Storage's payout ratio is 112.89%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and lowered their target price for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Royal Bank of Canada cut their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Mizuho began coverage on shares of Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $336.25.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.